WebCe Exam Prep with Questions And 100% ALL CORRECT
ANSWERS
Terms in this set (110)
While completing an application for a health insurance policy,
Physical Hazard
Dan discloses his partial blindness. The insurer will treat his
blindness as a:
ABC insurance company fires Renee, a producer. She continues to interviews
prospects, make sale presentations with company materials, and
apperant
collect premiums. When dealing with Renee, the prospects
believe that she has what kind of authority from ABC
Insurer and policyowner Which two parties form a contract for life insurance
The company may be liable for Mark knowingly exceeds his actual authority when dealing with a
marks actions client. His actions cause a loss to the insurance company he
represents. Which statement is correct.
Financial Industry Regulatory Life and health insurance companies regulate themselves through
Authority (FINRA) each of the following entities or organizations EXCEPT:
An agent who sells insurance for an insurance company that does
Non-admitted Insurer
not have a certificate of authority to operate in the state
represents:
John takes medication to control Which is not an example of a hazard
high blood pressure
Which person would not be considered competent to enter into an
A person under the influence of
alcohol insurance contract
The Insurance Commissioner cannot suspend or revoke an
agent's license for which of the following reasons?
A. Failing to meet projected sales goals
A. Failing to meet projected sales B. Having an agent's license denied or suspended in another state
goals
C. Forging an individual's name on an insurance application
D.Accepting insurance from an unlicensed individual
, Which of the following is not a remedy available to the Pennsylvania commissioner of
imprisonment
insurance for committing an unfair method of competition
Persons who commit crimes of dishonesty while engaged in interstate insurance
Imprisonment for up to 25 years
transactions can be sentenced to all of the following except
If a person buys a new life insurance policy to replace an existing one, the producer
When the application is taken must give the applicant the Notice Regarding Replacement form no later than
when?
Agent Jill received a letter from the department of insurance asking her to submit
verification of having completed the continuing education requirements for the
A fine of up to $100 per day violation previous licensing period. Three weeks later, the department sent another letter.
Which penalty may the department impose if Jill still has not responded to its
request one month later?
failing to promptly settle a claim for which Which of the following is not an unfair claims settlement practice if committed by
liability is uncertain an insurance company in Pennsylvania?
An insurer must notify its current customers of its privacy policies or practices at
12 months
least once every how often?
File a notice of appointment with the Acme insurance company wants to employ Anthony as a producer. To do so, what
department action must acme take?
When comparing her insurance company's policies to those of Zenith insurance,
Melanie makes a misleading statement to convince an insurance prospect to
Twisting
terminate a policy with Zenith and buy one from Melanie's company. What practice
has Melanie engaged in?
Fiduciary Capacity When holding insurance premiums and other funds, agents must act in what role?
How long must an insurer keep copies of any illustrations used to sell its life
Three years after policy expires
insurance policies?
A type of permanent life insurance that lets the policyowner increase, reduce or
Universal Life Insurance
even skip premium payments at will without the policy lapsing best describes:
They mature before age 120 Why is it that endowment policies do not meet the IRS definition of life insurance
All of the following are possible ways to access a universal life insurance policy's
cash value EXCEPT:
A. With a partial surrender
B. With a policy loan
B.With a policy loan
C. Through a withdrawal
D.By surrendering the policy
The amount of the new policy cannot Jill is insured under a $250,000 convertible term policy and would like to convert to a
exceed $250,000 rental permanent policy. Which of the following statements is most correct?
Which of the following is not a requirement for employer-sponsored group
All employees must be insurable
insurance?
whole life on the primary insured and A family life insurance policy provides:
term life insurance coverage on the
spouse and each child to age 21
A family income policy provides a lump- Which of the following correctly describes the comparison between a family income
sum death benefit and a stream of policy and a family maintenance policy?
income to a specified date of death
occurs before that date, while a family
maintenance policy pays a lump-sum
death benefit and a
stream of income for a fixed period of time
upon the insureds death
ANSWERS
Terms in this set (110)
While completing an application for a health insurance policy,
Physical Hazard
Dan discloses his partial blindness. The insurer will treat his
blindness as a:
ABC insurance company fires Renee, a producer. She continues to interviews
prospects, make sale presentations with company materials, and
apperant
collect premiums. When dealing with Renee, the prospects
believe that she has what kind of authority from ABC
Insurer and policyowner Which two parties form a contract for life insurance
The company may be liable for Mark knowingly exceeds his actual authority when dealing with a
marks actions client. His actions cause a loss to the insurance company he
represents. Which statement is correct.
Financial Industry Regulatory Life and health insurance companies regulate themselves through
Authority (FINRA) each of the following entities or organizations EXCEPT:
An agent who sells insurance for an insurance company that does
Non-admitted Insurer
not have a certificate of authority to operate in the state
represents:
John takes medication to control Which is not an example of a hazard
high blood pressure
Which person would not be considered competent to enter into an
A person under the influence of
alcohol insurance contract
The Insurance Commissioner cannot suspend or revoke an
agent's license for which of the following reasons?
A. Failing to meet projected sales goals
A. Failing to meet projected sales B. Having an agent's license denied or suspended in another state
goals
C. Forging an individual's name on an insurance application
D.Accepting insurance from an unlicensed individual
, Which of the following is not a remedy available to the Pennsylvania commissioner of
imprisonment
insurance for committing an unfair method of competition
Persons who commit crimes of dishonesty while engaged in interstate insurance
Imprisonment for up to 25 years
transactions can be sentenced to all of the following except
If a person buys a new life insurance policy to replace an existing one, the producer
When the application is taken must give the applicant the Notice Regarding Replacement form no later than
when?
Agent Jill received a letter from the department of insurance asking her to submit
verification of having completed the continuing education requirements for the
A fine of up to $100 per day violation previous licensing period. Three weeks later, the department sent another letter.
Which penalty may the department impose if Jill still has not responded to its
request one month later?
failing to promptly settle a claim for which Which of the following is not an unfair claims settlement practice if committed by
liability is uncertain an insurance company in Pennsylvania?
An insurer must notify its current customers of its privacy policies or practices at
12 months
least once every how often?
File a notice of appointment with the Acme insurance company wants to employ Anthony as a producer. To do so, what
department action must acme take?
When comparing her insurance company's policies to those of Zenith insurance,
Melanie makes a misleading statement to convince an insurance prospect to
Twisting
terminate a policy with Zenith and buy one from Melanie's company. What practice
has Melanie engaged in?
Fiduciary Capacity When holding insurance premiums and other funds, agents must act in what role?
How long must an insurer keep copies of any illustrations used to sell its life
Three years after policy expires
insurance policies?
A type of permanent life insurance that lets the policyowner increase, reduce or
Universal Life Insurance
even skip premium payments at will without the policy lapsing best describes:
They mature before age 120 Why is it that endowment policies do not meet the IRS definition of life insurance
All of the following are possible ways to access a universal life insurance policy's
cash value EXCEPT:
A. With a partial surrender
B. With a policy loan
B.With a policy loan
C. Through a withdrawal
D.By surrendering the policy
The amount of the new policy cannot Jill is insured under a $250,000 convertible term policy and would like to convert to a
exceed $250,000 rental permanent policy. Which of the following statements is most correct?
Which of the following is not a requirement for employer-sponsored group
All employees must be insurable
insurance?
whole life on the primary insured and A family life insurance policy provides:
term life insurance coverage on the
spouse and each child to age 21
A family income policy provides a lump- Which of the following correctly describes the comparison between a family income
sum death benefit and a stream of policy and a family maintenance policy?
income to a specified date of death
occurs before that date, while a family
maintenance policy pays a lump-sum
death benefit and a
stream of income for a fixed period of time
upon the insureds death
